Alaska Statutes 21.27.990 – Definitions

In this chapter,

(1) “accredited state” means a state in which the insurance department or regulatory agency of that state has qualified as meeting the minimum financial regulatory standards adopted and established by the National Association of Insurance Commissioners;

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Terms Used In Alaska Statutes 21.27.990

Contract: A legal written agreement that becomes binding when signed.
Grantor: The person who establishes a trust and places property into it.
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
property: includes real and personal property. See Alaska Statutes 01.10.060
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060

(2) “affiliate” or “affiliated” has the meaning given in Alaska Stat. § 21.22.200;

(3) “appointment” means an act by a person evidencing a grant of authority to another to act on the grantor‘s behalf;

(4) “captive insurer” means an insurer owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, an insurance organization owned by the insureds whose exclusive purpose is to insure risks of member organizations and group members and their affiliates;

(5) “cession” means a unit of insurance, passed to a reinsurer by a primary insurer that issued the policy to the original insured, that may transfer part or all of a single risk, defined in the policy, or a defined group of business as agreed to in a contract of reinsurance;

(6) “class of authority” means the authority held by a person under a license as an insurance producer, managing general agent, reinsurance intermediary broker, reinsurance intermediary manager, surplus lines broker, or independent adjuster, or under registration as a third-party administrator;

(7) “comparable business” means the same lines or kinds of insurance, the same classes of risks, similar policy limits, and quality of business;

(8) “compliance officer” means a licensee designated for a specific line and class of authority under this chapter who is responsible for a firm’s compliance with the insurance statutes and regulations of this state;

(9) “control,” “controlling,” and “controlled by” have the meaning given in Alaska Stat. § 21.22.200;

(10) “controlled insurer”

(A) means

(i) an admitted insurer domiciled in this state or domiciled in a state that is not an accredited state having a law substantially similar to Alaska Stat. § 21.27.570 that is controlled, directly or indirectly, by an insurance producer;

(ii) a risk retention group as defined in 15 U.S.C. § 3901, as amended;

(B) does not include a captive insurer;

(11) “controlling insurance producer” means an insurance producer that, directly or indirectly, controls an insurer;

(12) “home state,” with respect to

(A) an insurance producer, means the District of Columbia or a state or territory of the United States in which an insurance producer maintains the producer’s principal place of residence or principal place of business and is licensed to act as an insurance producer;

(B) an independent portable electronics adjuster, means the District of Columbia or a state or territory of the United States in which an independent portable electronics adjuster maintains the independent portable electronics adjuster’s principal place of residence or principal place of business and is licensed to act as an independent adjuster or, if the state or territory of the United States of the independent portable electronics adjuster’s principal place of residence or principal place of business does not license independent adjusters, the state or territory of the United States designated by the independent portable electronics adjuster where the independent portable electronics adjuster is licensed;

(13) “independent portable electronics adjuster” means an independent adjuster who collects, furnishes, or enters claim information for portable electronics insurance issued under Alaska Stat. § 21.36.515.

(14) “independent qualified actuary” means an actuary who is a member of the American Academy of Actuaries and who is not affiliated with, an employee, principal, the direct owner or indirect owner of, or in any way controlled by the insurer, managing general agent, reinsurance intermediary broker, or reinsurance intermediary manager;

(15) “individual” means a natural person required to be licensed under Alaska Stat. § 21.27.010;

(16) “insurance holding company system” has the meaning given in Alaska Stat. § 21.22.200;

(17) “insurance producer” means a person who sells, solicits, or negotiates insurance or insurance products;

(18) “interim profits” means the excess of income over expenses and claim reserves determined before the expiration of all claim liabilities and contract obligations of the insurer to the insured;

(19) “license” means, unless the context requires otherwise, a document issued by the director authorizing a person to act for the type, class, and lines of authority specified in the document;

(20) “limited lines” means those lines of insurance defined in Alaska Stat. § 21.27.150 or any other line of insurance that the director designates by order as a limited line;

(21) “limited lines credit insurance” includes credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection insurance, and any other form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation that the director of insurance determines must be designated a form of limited lines credit insurance;

(22) “negotiate” means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract if the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers;

(23) “physical presence or physically present” means contemporaneously available in the licensee’s place of business;

(24) “resident” means

(A) for an individual, a natural person who is domiciled in this state, whose principal place of business is in this state, who has a present intent to remain in this state while licensed, and who manifests that intent by establishing an ongoing physical presence in this state;

(B) for a firm, a person whose principal place of business is in this state;

(25) “retrocession” means a transaction in which a reinsurer cedes to another reinsurer all or part of the risk that the reinsurer has previously assumed;

(26) “sells” means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company;

(27) “solicit” means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company;

(28) “subagent” means an agent reporting to a managing general agent or reinsurance intermediary manager and not directly to an insurer;

(29) “subsidiary” has the meaning given in Alaska Stat. § 21.22.200;

(30) “transact” or “transact business” means sell, solicit, or negotiate insurance or insurance products;

(31) “underwrite” means the authority to accept or reject risk on behalf of the insurer;

(32) “uniform application” means the most recent version of the uniform application of the National Association of Insurance Commissioners;

(33) “uniform business entity application” means the most recent version of the uniform business entity application of the National Association of Insurance Commissioners.

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